Prime Group Closes Self-Storage Fund at Record $2.5B

Posted by Modern Storage Media on Jan 31, 2023 12:00:00 AM

Prime Group Holdings, LLC, a private equity real estate firm based in Saratoga Springs, NY, has closed its third flagship self-storage fund, Prime Storage Fund III, LP at the hard cap of $2.5 billion, exceeding its $1.5-billion target. Fund III is the company’s largest fund to date and reportedly the largest fund ever raised focused exclusively on self-storage. 

The fund received significant support from a diverse global base of new and existing Prime Group investors, including sovereign wealth funds, public pension plans, university endowments, banks, insurance companies, family offices and foundations. More than 30 countries are represented in the investor base.    

“We continue to identify opportunities to aggregate and institutionalize ownership and management across the North American self-storage market,” said CIO Douglas Kotelly. “We have deployed capital from Fund III into assets for which we believe we can execute value-add business plans and best utilize our management capabilities.”